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When Does Art Really Lose Its Value?
December 7, 2012
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We, here, at WCM are often asked to tackle the appropriate legal measurement of a work of fine art's loss in value. Often times, when we get involved, one side or the other has declared the work a "total loss" requiring full market or scheduled value repayment. But, perhaps, that is the wrong way of looking at things since even damaged art can have value. This <a href="http://www.fastcodesign.com/1671330/not-gone-but-forgotten-the-hidden-world-of-damaged-fine-art?partner=rss">interesting article</a> profiles the Salvage Art Institute, an organization that takes the position that even damaged art has value. The question is -- can that value be measured in terms a court will accept?
For more information about this post, please contact Bob Cosgrove at rcosgrove@wcmlaw.com.